How often do economists and sports fans find common ground and terminology? While stock markets around the world doffed a respectful few points to the crash of 20 years ago, English sports fans have evidently been enduring their own Black Monday after what was billed by some as the most important week in English sport . . . ever! Oh, the anguish of it all. How are we expected to cope?

There were straws for us to clutch at. There was McLaren's desperate appeal, fuelled by, well, fuel actually. Before that there had been Mark Cueto's nearly try. And, of course, there remains still the hope that Israel really are the world beaters England made them seem to be back in March.

As is usual when sucking on straws, all you end up with is a stomach full of air, a red face and a feeling of disappointment that you have finally come to the end of something that seemed so good, at least for a while.

Sport has always had the ability to attract the casual observer at times of heightened national interest but in these days of rolling news and sports coverage the whole nation is now required to feel as though it is in the depths of despair after having been stood on top of the expectation rostrum by those whose job it is to tell us all how we should be feeling.

Many years ago I once mentioned to Brendan Foster that I thought I might be feeling the pressure of public expectation before a major championship final. He reminded me that to most of the 15 million or so viewers who would be tuning in the race was likely to be nothing more than an enjoyable few minutes in front of the box on the sofa.

Whatever the result, most would get up to put the kettle on, turn to another channel or occasionally mutter some observation that we do not seem to do as well as we used to. His point was that their lives went on while the sportsmen are left to deal with triumph and disaster and treat those impostors just the same, as someone once said.

"Today's headlines, tomorrow's fish-and-chip paper" was another favourite phrase to calm us down. Same sports, different times: the triumphs are lived before they have happened by a thousand media voices in discussion before a wheel has turned or a ball been kicked. The disasters are replayed from a hundred angles in some vain hope that perhaps, if the whole thing is slowed down enough, time can be turned around and the outcome reversed. The final destination is no longer as wrapping for grease-covered fodder but, perhaps worse, to be trapped for eternity on YouTube between Eddie the Eagle and Eric the Eel. There is no escape and, thus, there is likely to be even less perspective.

Most measured responses to the undoubted disappointments have come from those directly involved in the events or those who at least have been around long enough to know that sport is just a competition and next week, next month, next year or four years from now there will be another just like it. Those who have won or lost this time will be back to contest again or they will be replaced by similar beings whose opportunity has arrived.

Unfortunately, as technology and viewing platforms continue to expand, these events will inexorably be raised to unprecedented levels of exposure and, consequently, importance. Prime Ministers dare not be absent and any news anchors, presenters, reporters or bloggers must be as close to the inaction in the days leading up to the event as is humanly possible.

The build-up begins long before the players, drivers or athletes have begun their own mental preparations and woe betide those of us who are not at the pub or leisure centre to take our dutiful places in front of the screen and the local news cameras. Sport should be celebrated and cried over. It should provide moments of collective joy and of private despair. But, for goodness sake, let us remember it is only sport. Life does go on, even though for the athlete those moments of defeat seem to encompass the world's end, at least for a while.

Sportsmen and women grow up with defeat and learn how to use it to move on to the next success. It may not be so easy to do this as a fan, especially when the failure is beamed at you from every bulletin, back page or blog. But we have been here before and we know how to handle it. Please help the nation by reassuring those who are going through their first experience of sporting failure and who may be under the impression that they need some sort of special treatment that it will all be OK. I promise, as Norman Lamont once said.